AvalonBay pays $133M for Luma at Miramar apartments

Ansca sold the 380-unit development for $350K per door

Miami /
Nov.November 11, 2021 02:30 PM
Luma at Miramar and AvalonBay CEO Timothy Naughton (AvalonBay)

Luma at Miramar and AvalonBay CEO Timothy Naughton (AvalonBay)

AvalonBay Communities paid $133 million for a 380-unit apartment community in Miramar, marking continued multifamily interest from institutional investors.

Ansca, a Boynton Beach-based developer led by Charles Scardina, sold the Luma at Miramar community to AvalonBay, an Arlington, Virginia-based real estate investment trust, according to a release from the brokerage, Berkadia. A Berkadia team led by Roberto Pesant and Jaret Turkell listed the property at 4300 Southwest 113th Terrace.

Luma at Miramar

Luma at Miramar

Luma at Miramar sold for about $350,000 per unit.

The garden-style rental community was completed in 2019 and reached a 90 percent or above occupancy in the first quarter of 2020, which it maintained throughout the pandemic, according to the release. It was fully leased at the time of the sale.

The developer paid $12.7 million for the land in 2017 and financed the deal with a $16.8 million loan from Synovus Bank in 2020.

The development, with three- and four-story buildings, a swimming pool, fitness center, yoga room, billiard room, outdoor grilling area and more, is next to the Florida Turnpike and near the Miramar Park of Commerce.

Berkadia’s Pesant said in a statement that the sale allowed the buyer “to acquire both immediate-term durable returns” as well as the “long-term, compounding growth associated with essential housing in a growing market close to thousands of high-quality jobs.”

The huge demand for apartments has led to record rents and sales of multifamily properties in South Florida this year, on top of a pipeline of new developments in the works.

Recent deals include the nearly $83 million sale of an apartment complex in Delray Beach to TA Realty, as well as Cortland’s record $230 million purchase of a community in Boca Raton.





    Related Articles

    arrow_forward_ios
    Sergio Pino of Century Homebuilders Group and the church (Century Homebuilders, Facebook via St. James Evangelical Lutheran Church - MIAMI FL)
    On holy ground: Sergio Pino’s Century Homebuilders plans apartments, school on Coral Gables church site
    On holy ground: Sergio Pino’s Century Homebuilders plans apartments, school on Coral Gables church site
    Developer Thomas Conway and the Little River location (Google Maps, Qualcon)
    Thomas Conway’s Qualcon eyes mixed-income apartment project in Little River Opportunity Zone
    Thomas Conway’s Qualcon eyes mixed-income apartment project in Little River Opportunity Zone
    Ivanhoé Cambridge's Nathalie Palladitcheff and Greystar's Bob Faith with the InTown Apartments at 1900 Southwest 8th Street, Miami (Ivanhoé Cambridge, Greystar, InTown Apts.)
    Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
    Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
    AMLI Residential Chairman and CEO Gregory Mutz with the site (Google Maps, AMLI)
    AMLI Residential bets $31M on another Midtown Miami development site
    AMLI Residential bets $31M on another Midtown Miami development site
    The Oakwood Apartments at 2425 Second Avenue North in Lake Worth Beach (Google Maps)
    New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M
    New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M
    Trammell Crow CEO Kenneth Valach and the site for the development (Google Maps, Trammell Crow)
    Trammell Crow Residential wraps up $10M deal for Miramar multifamily dev site
    Trammell Crow Residential wraps up $10M deal for Miramar multifamily dev site
    PTM Partners' Michael Tillman and Nicholas Pantuliano with Kushner's Laurent Morali and Nicole Kushner with renderings of the project (PTM Partners, Kushner)
    Kushner brings on PTM Partners for Opportunity Zone rental towers in Miami
    Kushner brings on PTM Partners for Opportunity Zone rental towers in Miami
    Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
    Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
    Canadian firm buys Pompano Beach apartments as part of $3.6B Greystar sale
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...